NFRA Issues Provisions on the Implementation Procedures for Administrative Licensing

Recently, the National Financial Regulatory Administration (NFRA) has issued the Provisions of the National Financial Regulatory Administration on the Implementation Procedures for Administrative Licensing (the "Provisions"), which will take effect on March 1.

The Provisions comprise a total of 50 articles divided into seven chapters: general provisions, application and acceptance, review, decision and service, exit procedures, legal liability, and supplementary provisions. They are formulated to meet the needs of reform of the financial regulatory system, clarify a graded and categorized handling mechanism, and further improve the workflow for administrative licensing. According to the Provisions, administrative licensing implemented by the NFRA and its local offices includes the following circumstances: (1) acceptance, review, and decision by the same regulatory authority; (2) acceptance and preliminary review by a lower-level regulatory authority, followed by review and decision by its higher-level regulatory authority; (3) acceptance by the NFRA, with joint review and decision together with other administrative authorities; and (4) other circumstances as prescribed by laws, administrative regulations, and the NFRA.



(Source: https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1243920&itemId=928)

Note: The link to the Chinese official website of the document is for your reference.